IMF sees pandemic causing global recession in 2020, recovery in 2021

International Monetary Fund Managing Director Kristalina Georgieva welcomes the extraordinary fiscal actions taken by many countries to boost health systems and protect affected companies and workers. - AFP

WASHINGTON (Reuters): The coronavirus pandemic will cause a global recession in 2020 that could be worse than the one triggered by the global financial crisis of 2008-2009, but world economic output should recover in 2021, the International Monetary Fund said on Monday (March 23).

IMF Managing Director Kristalina Georgieva welcomed extraordinary fiscal actions already taken by many countries to boost health systems and protect affected companies and workers, and steps taken by central banks to ease monetary policy.